Curbline Properties Corp.

Hello everyone, thank you for joining us and welcome to the Curbline Properties second quarter 2026 call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Stephanie Rouse de Perez, VP of Capital Markets, Stephanie, please go ahead.

Thank you. Good morning and welcome to CurbLine Properties' second quarter 2026 earnings conference call. Joining me today are Chief Executive Officer David Lukes and Chief Financial Officer Conor Fennerty. In addition to the press release distributed this morning, we have posted our quarterly financial supplement and slide presentation on our website at curbline.com, which are intended to support our prepared remarks during today's call. Please be aware that certain of our statements today may contain forward-looking statements within the meaning of federal securities laws. These forward-looking statements are subject to risks and uncertainties, and actual results may differ materially from our forward-looking statements. Additional information may be found in our earnings press release and in our filings of the SEC, including our most recent reports on forms 10-K and 10-Q. In addition, we will be discussing non-GAAP financial measures on today's call, including FFO, OFFO, and Same Property Net Operating Income. Descriptions and reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures can be found in today's quarterly financial supplement and investor presentation. At this time, it is my pleasure to introduce our Chief Executive Officer, David Lukes.

Thank you, Stephanie. Good morning, and welcome to Curbline Properties' second quarter conference call. Second quarter results highlight the strength of the platform that we have constructed in less than two years since our spinoff. We acquired $374 million of properties in the second quarter alone, and we have now acquired $564 million year to date. We raised almost $550 million of equity, including $350 million in our June offering. And importantly, we continue to see elevated demand for space, with the vast majority of our SNO pipeline expected to commence over the next three quarters. These factors in aggregate are driving significant earnings growth with our raised guidance representing over 17% growth, which is among the highest in the sector. I'd like to thank everybody at CurbLine for their contributions that have positioned the company for outperformance. We continue to lead in this unique capital efficient sector with a clear first mover advantage as the only public company exclusively focused on acquiring top tier convenience real estate assets across the United States. I'll start with an overview of investment activity and shift to operational highlights before handing it off to Conor to walk through quarterly results, the 2026 guidance increase, and the balance sheet in greater detail. Beginning with investments, as I mentioned, we've acquired over $560 million of real estate year to date and are raising our full year investment target to $1 billion of acquisitions from $850 million. I've spent no shortage of time previously discussing the drivers behind the acceleration in acquisition opportunities and there's really no change as to what we are seeing today. First, it's a fragmented industry and we have the largest team with an incredible network of relationships across the major metros of the country. Second, our reputation and track record are real assets as we look to expand our portfolio to almost six million square feet of convenience real estate. And third, the platform and scale that we've constructed allow us to be simply more efficient than local competition, and we continue to fine tune our processes to underwrite better and close faster. And finally, fourth, opportunities continue to be boosted by what we believe to be the long-term tailwind driven by a transfer of wealth and real estate to the next generation of owners, many of which who are seeking liquidity. The net result of each of these four factors is an increase in opportunities that meet our criteria, primary vehicular corridors, strong demographics, high traffic counts, and creditworthy tenants, and importantly, are additive to our future growth rate. and it highlights the unique and significant addressable convenience market that provides an opportunity for us to scale our curblind business. Moving to operations, we signed over 167,000 square feet of new leases and renewals this quarter. Trailing 12-month spreads remain consistent with our five-year averages as the shortage of space in the affluent markets where we operate continue to lead to attractive leasing economics. We invest in simple, flexible buildings that are at the nexus of consumer behavior. These straightforward rows of shops can support a wide variety of uses, and this flexibility drives tenant demand from an extremely wide pool of tenants. The result for our portfolio is a highly diversified tenant base with only seven tenants contributing more than 1% of base rent and only one tenant of more than 2%. We now have over 1,300 unique tenants in the portfolio, including over 500 unique national tenants, which represents approximately 70% of our base rent. To this point, all 15 of our new leases this quarter were with different tenants, including FedEx Office, Tropical Smoothie, and a variety of other health and service users with a similar national mix as the overall portfolio. In terms of same property growth, Year-to-date growth of 2% decelerated as we expected, with Conor providing more details on this later. But our capital expenditures also remain well below 10% of NOI, placing us among the most capital-efficient operators in the entire public REITs sector, an important hallmark of the convenience asset class. In summary, we remain incredibly optimistic about the opportunity ahead for CurbLine, as we exclusively focus on scaling the fragmented convenience real estate sector in an effort to deliver compelling relative and absolute growth for stakeholders. And with that, I'll turn it over to Conor.